Press Release – updated: Oct 23, 2017 11:23 CDT
Chicago, IL, October 23, 2017 (PRESS RELEASE JET) – PayNet, the premier provider of credit ratings on small businesses, announces that in August 2017 the percentage of Arizona’s small businesses defaulting on existing loans has remained unchanged. Of the 18 major industries, defaults improved in 16 and worsened in 2 in the state compared to the prior month.
Following similar behavior to July, Arizona’s PayNet Small Business Default Index (SBDFI) at 1.84% was comparable to the national SBDFI level. Over the last year, the national SBDFI increased 8 basis points, whereas Arizona’s SBDFI declined 3 basis points.
The industries with the worst default rates in Arizona were Transportation and Warehousing (4.73%); Mining, Quarrying, and Oil and Gas Extraction (2.96%); and Admin & Support and Waste Management & Remediation Services (2.79%). Nationally, Transportation and Warehousing had a default rate of 4.51%, with a difference of +0.48% compared to the prior year, while Arizona had a variance of +0.95%.
Coming in at 92.6, the PayNet Small Business Lending Index (SBLI) for Arizona increased 0.3% from the previous month’s state level, but was 6.7% lower than this month’s national SBLI level (99.3). The Index is basically unchanged from a year ago.
“This implies low risk taking and normalized credit quality of small businesses,” states the president of PayNet, William Phelan.
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